Gold dipped as traders booked profits ahead of key US data - HDFC Sescurities Ltd
GLOBAL MARKET ROUND UP
* Gold edged lower on Tuesday as traders booked profits after prices hit a multi-week high in the previous session, while a cautious approach adopted by traders before the important US macro data due later this week also contributed to the decline. Markets appear to have priced in most of the recent positive factors and are now awaiting fresh catalysts for the next move. Later this week, the November ADP employment report and the postponed September PCE figures will be closely observed by market participants for indications about the future direction of Federal Reserve policy, which may offer new catalysts for the gold market
* On the other hand, silver steadied near a record high after rallying approximately 17% over the past seven sessions, as traders increased their bets on lower interest rates while the market continued to experience supply tightness. Additionally, a surge of speculative money, anticipating ongoing supply constraints, has bolstered silver.
* Crude oil prices retreated as markets weighed the possibility of progress toward ending the war in Ukraine following high-level discussions between the US and Russia, even as attacks on Moscow’s energy assets continued. The talks coincided with another strike on a Russialinked vessel, though the party responsible remains uncertain. These ongoing geopolitical tensions continue to inject volatility into the market, sustaining a risk premium that partially offsets concerns about rising global supply.
* Natural gas declined in the volatile trading on Tuesday amid cold weather hitting parts of the U.S., but forecasts for next week grow uncertain.
* The industrial metal ended its two-day winning streak. Copper dropped from a record high, as signs of weaker Chinese demand heading into winter may alleviate a potential global supply crunch.
Gold
* Trading Range: 128650 to 130480
* Intraday Trading Strategy: Buy Gold Mini Jan Fut at 129025-129050 SL 128380 Target 129830/130125
Silver
* Trading Range: 180205 to 187100
* Intraday Trading Strategy: Buy Silver Mini Feb Fut at 183450-183475 SL 181900 Target 185425/186050
Crude Oil
* Trading Range: 5225 to 5400
* Intraday Trading Strategy: Buy Crude Oil Dec Fut at 5265 SL 5235 Target 5320/5350
Natural Gas
* Trading Range: 429 to 455
* Intraday Trading Strategy: Buy Natural Gas Dec Fut at 432-433 SL 427.80 Target 440/445.8
Copper
* Trading Range: 1042 to 1063
* Intraday Trading Strategy: Buy Copper Dec Fut at 1047-1048 SL 1042.75 Target 1056/1059
Zinc
* Trading Range: 304 to 312
* Intraday Trading Strategy: Buy Zinc Dec Fut at 305.80-306 SL 303.75 Target 308.2/309.8.
Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795
SEBI Registration number is INZ00017133
